Uncertainty leaves Italy in political chaos
Berlusconi’s status at issue; bankruptcy fears loom
A day after Prime Minister Silvio Berlusconi pledged to step down once the Italian parliament passes austerity measures, Italy was engulfed in political chaos that has pushed the eurozone to its biggest test yet and raised the once unthinkable prospect of a major industrial economy going bankrupt. With borrowing rates now soaring at 7.4 percent, levels at which smaller eurozone countries sought bailouts, Italian lawmakers were frantically negotiating a way forward, while European leaders scrambled to forge a backup plan for a country too big to bail out.
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